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Looking For Relief from High Prescription Drug Prices

Posted by Bobby Brown on February 01, 2023 - 7:13pm

 

Regardless of the inordinate burden on consumers, the likelihood of relief coming anytime soon is quite low. The law moves slowly, and the higher up in the government it goes, the slower it moves. Even if Congress is able to come to a consensus (which is entirely possible), it will be quite some time before the effects are felt by the average consumer.

In fact, it's very possible that other healthcare issues will take precedence over prescription drug prices, particularly with the pandemic still thriving in the U.S. and the unknown long-term effects this virus will have on those affected. Not to mention the epic lobbying one can expect from Big Pharma to fight lower prescription drug costs.

And then of course, there's also the possibility that negotiations between Congress and the administration will stall out over fear that regulation will stifle innovation — especially when vaccines are so highly sought after at the moment. The concern here is that lower prices would equal lower profits, which would result in less investment in new drugs, treatments, and vaccines.

All that being said, there are certainly ways drug companies could increase their profits without increasing prices. For example, they could reduce their C-level executives' salaries and put those savings into research and development. But of course, these are for-profit companies beholden to stockholders, and matters like that are never simple.